Kansas Crimson

bro we’re not talking about Detroit auto manufacturers here.

Walrus wrote: ↑Wed Feb 17, 2021 11:29 am Homes are going to crash regardless

when?

Two years ago, duh.

twocoach wrote: ↑Wed Feb 17, 2021 11:29 am

MICHHAWK wrote: ↑Wed Feb 17, 2021 8:56 am Buy the house you can afford. Not the house the lender says you can afford. Problem solved.

If Americans had the self control necessary to do that, we wouldn't have 90% of the problems we have in this country with debt, obesity, etc...

I feel bad for some people in messes, particularly people without financial sense duped and taken advantage of by nefarious institutions. But if its a self control problem then they own it.

We purchased our current house back in 2005. We went to our lender to get pre-approved and all that stuff before we went on the hunt. Our lender pre-approved us for greater than two times what we had set our budget at. We chuckled to ourselves.

We knew what we could afford. We knew what we were comfortable with.

ousdahl wrote: ↑Wed Feb 17, 2021 11:41 am

Walrus wrote: ↑Wed Feb 17, 2021 11:29 am Homes are going to crash regardless

when?

In two weeks. Always.

The really scary thing about right now is that our government has no way out. They cannot raise interest rates because that would crash the housing market (and all assets), but they cannot let the rates stay at zero because it will destroy the dollar. I'm betting they let the dollar be sacrificed. The bubble is real, as JFish said, and we all know where bubbles lead.

Oh, and now they are discussing allowing adjustable rate mortgages again. As if they learned nothing from 10 years ago.

Walrus wrote: ↑Wed Feb 17, 2021 1:05 pm The really scary thing about right now is that our government has no way out. They cannot raise interest rates because that would crash the housing market (and all assets), but they cannot let the rates stay at zero because it will destroy the dollar. I'm betting they let the dollar be sacrificed. The bubble is real, as JFish said, and we all know where bubbles lead.

Oh, and now they are discussing allowing adjustable rate mortgages again. As if they learned nothing from 10 years ago.

I said there "there really isn't the same sort of default bubble as in 2007."

Isn't. Is not.

That isn't to say there aren't deep, serious economic issues. To grossly oversimplify, though, at present the economic pain from the pandemic is being disproportionately borne by groups of people disproportionately more likely to rent than own. So, the pain isn't manifesting in a home loan bubble that's about to burst.

reading comprehension...lol

It’s almost like lobster only sees what he wants to see.

cuz you can’t spell “isn’t,” without “is”

jfish26 wrote: ↑Wed Feb 17, 2021 1:30 pm

Walrus wrote: ↑Wed Feb 17, 2021 1:05 pm The really scary thing about right now is that our government has no way out. They cannot raise interest rates because that would crash the housing market (and all assets), but they cannot let the rates stay at zero because it will destroy the dollar. I'm betting they let the dollar be sacrificed. The bubble is real, as JFish said, and we all know where bubbles lead.

Oh, and now they are discussing allowing adjustable rate mortgages again. As if they learned nothing from 10 years ago.

I said there "there really isn't the same sort of default bubble as in 2007."

Isn't. Is not.

That isn't to say there aren't deep, serious economic issues. To grossly oversimplify, though, at present the economic pain from the pandemic is being disproportionately borne by groups of people disproportionately more likely to rent than own. So, the pain isn't manifesting in a home loan bubble that's about to burst.

It's not the same cause, but that doesn't matter. The same result is coming.

Straight from the Biden administration:

"Today, 1 in 5 renters is behind on rent and just over 10 million homeowners are behind on mortgage payments. People of color face even greater hardship and are more likely to have deferred or missed payments, putting them at greater risk of eviction and foreclosure."

https://www.whitehouse.gov/briefing-roo ... omeowners/

Walrus wrote: ↑Wed Feb 17, 2021 1:52 pm

jfish26 wrote: ↑Wed Feb 17, 2021 1:30 pm

Walrus wrote: ↑Wed Feb 17, 2021 1:05 pm The really scary thing about right now is that our government has no way out. They cannot raise interest rates because that would crash the housing market (and all assets), but they cannot let the rates stay at zero because it will destroy the dollar. I'm betting they let the dollar be sacrificed. The bubble is real, as JFish said, and we all know where bubbles lead.

Oh, and now they are discussing allowing adjustable rate mortgages again. As if they learned nothing from 10 years ago.

I said there "there really isn't the same sort of default bubble as in 2007."

Isn't. Is not.

That isn't to say there aren't deep, serious economic issues. To grossly oversimplify, though, at present the economic pain from the pandemic is being disproportionately borne by groups of people disproportionately more likely to rent than own. So, the pain isn't manifesting in a home loan bubble that's about to burst.

It's not the same cause, but that doesn't matter. The same result is coming.

Straight from the Biden administration:

"Today, 1 in 5 renters is behind on rent and just over 10 million homeowners are behind on mortgage payments. People of color face even greater hardship and are more likely to have deferred or missed payments, putting them at greater risk of eviction and foreclosure."

https://www.whitehouse.gov/briefing-roo ... omeowners/

It's silly to say the cause doesn't matter; of course it matters that delinquencies and foreclosures are resulting not from people biting off more than they can chew, but from a once-in-100-years pandemic, the economic effects of which were significantly aggravated and prolonged by an absent, if not outright hostile, prior administration.

ousdahl wrote: ↑Wed Feb 17, 2021 11:25 am Sort of changing gears, but...

sometimes it’s hard to tell whether things like hunger and waste are failures of capitalism, or features...

Fred Meyer's parent company's slogan is "zero hunger zero waste.". Seems like there's some sad irony there

the kind that gives corporate handouts to things like the airline and auto industries

but...but...abortion! Guns! Build the wall!

ousdahl wrote: ↑Wed Mar 03, 2021 2:04 pm

which is why a good number, if not a majority, of them are in favor of their taxes being higher

ousdahl wrote: ↑Mon Feb 22, 2021 10:46 am but...but...abortion! Guns! Build the wall!

Trump said last weekend, "I made one mistake -- I should have said 'we don't need a wall!', because then they would have insisted on building it."

Very true, and it explains the same kind of behavior I see on here.

clown